Month: March 2023

There are several types of letters of credit (LOCs) commonly used in international trade transactions in UAE. Here are some of the most common types:

A letter of credit (LC) is a document that is issued by a bank in the UAE on behalf of a buyer (importer) to guarantee payment to a seller (exporter) for international trade transactions. It is commonly used in UAE for importing goods from foreign countries. Here’s how it works in the context of UAE:…